Benefit Systems

Benefit Systems S.A. Reports Record Growth in Active MultiSport Cards by End of 2025

Benefit Systems S.A., a leading provider of non-pay employee benefits, has announced a significant milestone in its operations. By the end of Q4 2025, the company reported a total of 2.52 million active MultiSport cards, marking substantial growth in its user base. Of these, 1.78 million cards were active in Poland, 680,300 in the EU international segment, and 56,600 in Turkey.

This achievement underscores the company's strong market position and the growing demand for its flagship MultiSport programme, which provides access to a wide network of sports and fitness facilities. The expansion in Turkey, following the acquisition of MAC Group, also highlights the company's successful international growth strategy.

Relevance: The article is relevant as it reflects Benefit Systems S.A.'s robust growth in its core business, aligning with its strategy of integrating sport card sales with fitness club operations to drive operational synergies and expand its international footprint.

Benefit Systems S.A. Issues Series G Shares Under Incentive Program

Benefit Systems S.A., headquartered in Warsaw, has announced the issuance of 25,300 Series G ordinary bearer shares as part of its 2021-2025 Incentive Program. A total of 76 participants exercised their subscription warrants (series Ł and M) and paid the issue price of PLN 617.01 per share. The issuance was conducted under the provisions of the Polish Commercial Companies Code and resolutions passed during the Extraordinary General Meeting on February 3, 2021. The rights to the Series G shares will be established upon their registration in securities accounts, and the company has submitted applications to the National Depository for Securities (KDPW) and the Warsaw Stock Exchange (GPW) for registration and trading of the shares on the regulated market.

Relevance: This development highlights Benefit Systems S.A.'s commitment to incentivizing its workforce, aligning with its business model of fostering employee well-being and engagement, which is central to its operations in the non-pay benefits sector.

Benefit Systems Acquires Majority Stake in Endorfina Group

Benefit Systems S.A. has announced the acquisition of a 51% stake in Endorfina Group and Endorfina FHU, with a projected purchase price of approximately PLN 95.4 million. The final price will be determined based on the normalized EBITDA of the companies for 2025, calculated using a single-digit transaction multiplier. This strategic move aligns with Benefit Systems’ focus on expanding its portfolio in the sports and recreation sector, further strengthening its position in the non-pay employee benefits market.

Relevance: The acquisition supports Benefit Systems’ business model by enhancing operational synergies and expanding its presence in the fitness and well-being industry, which is central to its flagship MultiSport card offering.

Benefit Systems S.A. Acquires Majority Stake in Endorfina Fitness Chain

Benefit Systems S.A., a leading provider of non-pay employee benefits and fitness services, has announced the acquisition of a 51% stake in Endorfina Group sp. z o.o. and Endorfina FHU sp. z o.o., with plans to acquire the remaining 49% by 2027. The total transaction will result in Benefit Systems owning 100% of the Endorfina fitness chain. The initial purchase price for the first stage is approximately PLN 95.4 million, subject to adjustments based on the normalized EBITDA of the companies for 2025. The price for the remaining shares will be determined based on the 2026 EBITDA results.

Endorfina currently operates 11 fitness clubs across cities such as Lublin, Rzeszów, Radom, Kielce, Częstochowa, and Starachowice, and has shown significant growth in 2024-2025. This acquisition aligns with Benefit Systems’ strategy to expand its fitness club operations in Poland.

Relevance: This acquisition strengthens Benefit Systems’ position in the fitness market, enhancing its operational synergies and expanding its proprietary fitness club network in Poland.

Benefit Systems Explores New Markets and Expansion Opportunities

Benefit Systems S.A., a leading provider of non-pay employee benefits, continues to actively analyze investment opportunities both in Poland and internationally, according to Marcin Fojudzki, a member of the company’s management board. While no acquisitions comparable to the MAC Group deal in Turkey are expected in the short term, the company remains open to strategic growth through acquisitions rather than solely relying on organic development.

The acquisition of MAC Group has encouraged Benefit Systems to consider entering new markets via acquisitions, marking a shift from its traditional approach of starting with card-based operations. Despite increased debt levels following the MAC acquisition, the company’s financial position remains secure, with a net debt-to-EBITDA ratio of 0.7x, providing room for further investments.

Benefit Systems reported strong performance in the fitness sector, with nearly 2.4 million sports cards issued across all markets by the end of Q3 2025. The company plans to add approximately 130,000 new cards in Poland and 100,000 in EU markets by 2026, alongside significant growth in Turkey. Additionally, it aims to open at least 70 new fitness clubs across Poland, Turkey, and other markets in 2026.

While the company expects operational profitability in Poland to remain stable next year, improvements are anticipated in EU markets, driven by increased card usage and the full-year consolidation of MAC operations in Turkey. However, breakeven in the EU fitness segment is unlikely before 2027 due to competitive pressures and market saturation.

Benefit Systems projects modest growth in average revenue per user (ARPU) in Poland and the EU, with no significant price increases planned. The Turkish market is expected to see accelerated card growth and improved margins, with profitability in the fitness segment anticipated by 2027.

Relevance: This article highlights Benefit Systems S.A.'s strategic focus on expansion and operational growth, aligning with its business model of integrating sports card sales with fitness club management to drive synergies and enhance service quality.

Benefit Systems S.A. Reports Strong Financial Growth and Strategic Expansion in Q3 2025

Benefit Systems S.A., a leader in non-pay employee benefits, has reported robust financial results and significant strategic developments for the nine months ending September 30, 2025. The company achieved a 30.1% year-on-year increase in revenue, reaching PLN 3.23 billion, and a 21.7% rise in net profit to PLN 412.4 million. EBITDA grew by 25.3% to PLN 902.3 million, reflecting the company’s operational efficiency and strategic investments.

Key highlights include:

• Poland Segment: Revenue rose by 16.3% to PLN 2.1 billion, driven by a 12.6% increase in active MultiSport cards (1.7 million) and the addition of 15 new fitness clubs, bringing the total to 257 clubs in Poland.
• International Expansion: The Foreign Markets EU segment saw a 27.2% revenue increase, with active MultiSport cards growing by 29.1% to 635,200. The company expanded its fitness club network in the Czech Republic, Slovakia, Bulgaria, and Croatia to 104 clubs, a 73.3% increase year-on-year.
• Turkey Segment: Following the strategic acquisition of the MAC Group, Turkey’s largest fitness chain, the segment reported a 3,954.1% revenue growth to PLN 280.7 million. The acquisition added 123 fitness clubs and 25 spa facilities to the company’s portfolio.
• Strategic Financing: Benefit Systems raised PLN 724.5 million through a share issue and issued PLN 1 billion in bonds to support its growth strategy. Additionally, it secured a PLN 1.8 billion financing agreement with Santander Bank Polska and BGK.
• Legal and Regulatory: The company paid a PLN 26.9 million antitrust fine imposed by the Polish antitrust authority (UOKiK).

Despite macroeconomic challenges such as inflation and high energy costs, Benefit Systems remains optimistic about its long-term growth potential. The company estimates the market potential for MultiSport cards at 2.5–2.8 million in Poland and 1.7–2.0 million in the EU markets.

Relevance: This article highlights Benefit Systems S.A.'s financial performance and strategic initiatives, aligning with its core business of providing non-pay employee benefits and expanding its fitness and well-being offerings across Poland and international markets.

Benefit Systems Targets Significant Growth in Sports Card Subscriptions by 2026

Benefit Systems S.A. has announced ambitious plans to expand its MultiSport card program, aiming to add approximately 130,000 new sports cards in Poland and at least 100,000 cards in non-EU international markets by 2026. The company has already surpassed its 2025 target of 280,000 cards in Poland and abroad, demonstrating strong demand for its flagship product. This growth aligns with the company’s strategy of integrating sports card sales with its extensive network of proprietary fitness clubs and partner facilities.

The announcement underscores Benefit Systems’ commitment to strengthening its market position in the non-pay employee benefits sector, leveraging its operational synergies and international expansion to drive future growth.

Benefit Systems Targets Significant Growth in Sports Card Subscriptions and Fitness Club Expansion by 2026

Benefit Systems S.A., a leading provider of non-pay employee benefits, has announced ambitious growth plans for 2026, aiming to add approximately 130,000 new sports cards in Poland and at least 100,000 cards in its European Union markets. The company has already surpassed its 2025 target of 280,000 new cards across Poland and international markets, with a total of 2.376 million sports cards issued by the end of Q3 2025.

In Turkey, Benefit Systems anticipates a significant year-on-year increase in sports card subscriptions, driven by the full-year consolidation of its MAC Group acquisition, which is expected to contribute to a positive gross margin in the Turkish market. The company also projects a low single-digit year-on-year growth in average revenue per user (ARPU) in Poland and the EU for 2026, with operational profitability in Poland remaining stable and improvements expected in the EU segment.

Additionally, Benefit Systems plans to open at least 20 new fitness clubs in Poland, 30 in Turkey, and 20 across other international markets in 2026. The company continues to explore investment opportunities both domestically and abroad to strengthen its market position.

According to Emilia Rogalewicz, a member of the management board, the growth in sports card numbers has exceeded expectations, with the company already surpassing its annual target for 2025 within the first two months of the final quarter.

Relevance: This article highlights Benefit Systems S.A.'s strategic focus on expanding its flagship MultiSport card program and fitness club network, which are core components of its business model and growth strategy in Poland and international markets.

Poland’s Interest Rate Cut Signals Limited Scope for Future Reductions

Poland’s Monetary Policy Council (RPP) has announced a 25 basis point reduction in interest rates this October, bringing the reference rate to 5.75%. According to RPP member Cezary Kochalski, this move significantly limits the potential for further rate cuts in 2025. The decision reflects the Council’s cautious approach amidst economic uncertainties, aiming to balance inflation control with economic growth.

The relevance of this development to Benefit Systems S.A. lies in its impact on financing costs. As the company financed its acquisition of Turkey’s MAC Group primarily through debt, lower interest rates could reduce borrowing costs, positively influencing profitability and expansion strategies.

Polish Currency Weakens Against Dollar as Bond Yields Decline

Poland's currency, the złoty, ended the week weaker against the US dollar, depreciating by approximately 1.6%. Meanwhile, domestic government bond yields fell by 5-10 basis points over the week. Analysts suggest that unfavorable factors for the dollar could emerge, potentially driving the USD/PLN exchange rate toward 3.60. In the coming weeks, further declines in yield curves by 10-15 basis points are anticipated.

Relevance to Benefit Systems S.A.: Falling bond yields in Poland could lower financing costs for Benefit Systems S.A., particularly in relation to its debt-financed acquisition of Turkey's MAC Group, positively impacting its financial stability and growth strategy.

Polish Central Bank Signals Limited Room for Interest Rate Cuts Amid Fiscal Constraints

Adam Glapiński, President of the National Bank of Poland (NBP), stated during a press conference that while fiscal policy constraints limit the scope for interest rate reductions, they do not entirely eliminate the possibility of future cuts. Glapiński emphasized that Poland's economic conditions, including inflation trends and fiscal stability, will play a critical role in determining the trajectory of monetary policy. The remarks come as Poland navigates a complex economic environment marked by global uncertainties and domestic fiscal challenges.

Relevance to Benefit Systems S.A.: Changes in interest rates directly impact financing costs for Benefit Systems S.A., particularly in relation to its debt-financed acquisition of Turkey’s MAC Group. Lower interest rates could reduce financial burdens, improving profitability and enabling further expansion.

Poland Reduces Interest Rates Amid High Economic Pressures

Poland's Monetary Policy Council has announced a 25 basis point reduction in all National Bank of Poland (NBP) interest rates, bringing the reference rate down to 4.50%. Despite this adjustment, Finance and Economy Minister Andrzej Domański emphasized that interest rates in Poland remain high, benefiting banks with record profits. He also addressed the government's proposal to increase the corporate income tax (CIT) for banks from 19% to 30% in 2026, with gradual reductions to 26% in 2027 and 23% in 2028. The tax hike is expected to generate an additional PLN 6.6 billion in 2026 and PLN 23.4 billion over the next decade. Domański warned against banks passing the increased tax burden onto customers and assured that regulatory bodies would intervene if necessary. He also expressed skepticism about the feasibility of introducing a four-day workweek in Poland.

Relevance to Benefit Systems S.A.: The reduction in interest rates could lower financing costs for Benefit Systems S.A., particularly in relation to its debt-financed acquisition of Turkey's MAC Group, potentially improving the company's financial position amidst high operational costs in the fitness sector.

Group Layoff Plans Affect 89,500 Employees in Poland from January to September

Poland's Ministry of Family, Labour, and Social Policy reported that employers planned group layoffs affecting 89,500 employees between January and September 2025. In September alone, 28 companies announced intentions to lay off 2,000 workers, marking a 44.9% decrease compared to the same month in 2024. The highest layoff notifications originated from the Silesian (24.8%), Greater Poland (21.2%), and West Pomeranian (12%) regions.

Notably, 65% of these notifications involved changes to employment terms rather than definitive dismissals. The ministry highlighted that a significant portion of layoffs stemmed from Polish Post, skewing overall statistics and not fully reflecting the broader labour market conditions. Despite challenges in certain sectors, major urban areas like Warsaw, Kraków, Wrocław, and Łódź continue to offer abundant job opportunities, ensuring relative stability in local labour markets. The registered unemployment rate in September stood at 5.6%, a slight increase of 0.1 percentage points from August.

Relevance to Benefit Systems S.A.:The rise in unemployment and layoff plans could reduce demand for non-pay employee benefits, such as the MultiSport card, as companies may cut costs in response to economic pressures.